IoT: an opportunity limited only by your imagination
The bulk of Internet of Things (IoT) adoption has so far been driven by the opportunities it presents for streamlining and cost reduction. Because it usually means doing what you already do, but better, faster, more accurately and more cost-effectively.
But the game-changing opportunities are those that are limited only by your imagination.
Take Octo, the company that’s been transforming the insurance industry by turning driving data into analytics solutions. What does that mean in practice? It starts with a powerful in-car sensor that takes information from the accelerator, the GPS, measures the speed, the route and times you drive, the movement and rolling of the car, and uses context information such as the weather, from Google maps.
With real-time analysis in the cloud, break-downs, accidents and fraud can be identified and emergency services can be immediately notified, as can fleet management and insurance companies too. Over time, driver behaviour, vehicle performance, the time of day the car is driven etc, all result in an accurate driver risk profile. Vehicle telematics are sent to motor insurance companies who can then accurately identify the individual driver risk and calculate the appropriate premium, and build in customer-winning or reward discounts as added incentives. Based on this business model, Octo’s insurance customers have increased profits by around 18% – a real (time) win-win situation.
Octo’s is a plug-and-play solution. Clients can plug into an already analysed, real-time data stream and play back the results, without the need to invest in either lots of new technology, or complicated analytics tools.
Innovation is key to Octo’s success, and to the success of its clients. Extending their platform further within the insurance or fleet management industries and beyond is their future. It’s also ours.
At Software AG, we don’t just sell software, but we co-innovate solutions with our clients. Co-innovation as the way forward in today’s software market. It can bring far-reaching, cross-industry benefits and can even extend to government, public sector and the environment.
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Vice President – UK, Ireland & Nordics